Currency Exchange Rate Fluctuations

B-133316: Oct 31, 1978

Additional Materials:

Contact:

Shirley Jones
(202) 512-8156
jonessa@gao.gov

 

Office of Public Affairs
(202) 512-4800
youngc1@gao.gov

The Army questioned whether a violation of the Antideficiency Act occurs when a statutory or regulatory funding limitation on contracts paid in foreign currency is exceeded because of fluctuations in foreign currency exchange rates. If funding limitations are exceeded in making contract payments, the act is violated even though the limitations are exceeded because of exchange rate fluctuations. If such a situation occurs, the agency must ask the Congress for a deficiency appropriation.